TAP Portugal hit hard by fuel costs, still finds black ink

TAP Portugal posted a consolidated net profit of €8.6 million ($11.1 million) in 2004, down 56% from a net profit of €19.7 million in 2003, when the company was able to find the black after years of losses owing to a restructuring program that included stringent cost-cutting as well as significant increases in productivity over the last four years.
TAP said the decline in net profit was attributable mainly to the spike in fuel costs, which came in €72 million higher than ...